It is a trend for every major company in the United States to attract the generation of people aged 17 to 35, the millennials. The generation is considered the workforce of tomorrow and the new generation of consumers. Most companies, however, failed because of the diversity of millennials and their culture.
Ajay Kohli, a Georgia Tech University professor, believes that it is a good idea for businesses to focus on millennials due to its huge market. He, however, believes that it doesn't make sense to play millennials as a homogenous group of people who want the same product or same services, or believe in the same values, or are equally price sensitive or equally responsive to give a message.
Professor Kelly O'Keefe, a marketing professor at the University of Virginia, noted the significant diversity in the 75 million millennials in the United States. He highlighted that millennials differ in preference in politics, liquor, and food but they are also among the largest consumers of processed foods. According to him, most companies make the mistake of treating the millennials like they share a single personality and a common set of values.
Capital One, one of the banks which gained mistrust of the public after the financial crisis, pursues to become the leading bank choice of millennials as it transformed its business into cafes where clients can enjoy a cappuccino while closing a deal.
Mr. David Allison, an expert in consumer habits with a database of researches in the United States, Canada, and China, think that some millennials prefer to actually go to a bank while others transact online or with other means. He labeled people who actually go to the bank as "wanters", those who seek a personal relationship with the banks, and those who do not as "needers", those who seek social status and those he thinks that a bank is a serious place.
Mr. Allison urges companies to eliminate demography in their marketing approach since it leads to stereotyping. His study concluded that millennials only agree to 15 percent of subjects. He thinks that advertisements would be more effective if it is focused on what is important for the consumer and not on what they think.
On contrary, Hank Boyd, a University of Maryland professor, still believes that using the demographic approach in marketing is effective. According to him, the consumer's hometown, gender, the socioeconomic class gives a clearer view of your preference and how the advertisement needs to be constructed.
